Multi-brand discount retail chain Promart Retail, formerly a part of Provogue, plans to open 100 stores across India in the next 12 months. The company aims to achieve a turnover of Rs 450 crore by 2012-2013. Keeping in-line with its expansion plans, Promart has opened its first shop-in-shop store at Magnet Mall, Mumbai.
Speaking on the occasion, Ashish Garg, Managing Director, Promart Retail, said: “We have already invested Rs 100 crore as a part of our overall expansion strategy in the current financial year and plan to pump in more equity as we are focussed on opening 100 stores across India. We plan to venture into the tier II – VI towns, thus bringing the latest fashion trends to Indians who do not live in urban areas. Having said that, our USP is that we follow a cash and carry format wherein the goods are directly diverted from the company to our stores without the intervention of distributors. This helps us avail the latest merchandise in the market, thus enabling us to achieve better discounts and in turn better profit margins.”
Promart already has stores in Ahmedabad, Rajkot, and Vadodara. It plans to open outlets in Bharuch, Bhavnagar, Jamnagar, Surat, Vapi, Valsad, Nagpur, Aurangabad, Pune, Indore, Jaipur, Udaipur, Delhi and NCR in the coming months as part of its next phase of expansion.
Punit Agarwal, Chief Executive Officer, Promart Retail, said: “Keeping in mind the growing consumer sentiment for discounted prices, we plan to open stores in smaller cities located at malls and high streets where the proximity to and convenience of customers are kept in mind. The company will focus on inventory management as one of the key areas in order to grow the business by leaps and bounds.”
Spread across 1,500-5,000 sq.ft., the new outlet stocks apparel from casual to formals for men, women, and kids. Besides apparel, Promart also retails accessories, kitchenware, home linen, and electronics. Some if the brands available at the store include Levis, Pepe, Wrangler, Spykar, Wills, Arrow, Provogue , Lee, Gini & Jony, Lilliput, Black Panther, and J. Hampstead.
Promart targets the Generation ‘Y’ shoppers. It is a value format retail chain offering discounts and schemes all year round. Launched by Provogue India, the chain was taken over by Apple Group and VEMB Lifestyle in 2011.
-IndiaRetailing Bureau
